home mortgage fraud newsletter full stories advertise mortgage industry newsletter RSS about us
 
HOT Topics Fraud Resources Fraud Prevention Mortgage Litigation News Appraisal News

Sign Up for Free Mortgage Fraud Newsletter


 
 
twitter linkedin
facebook google+
Mortgage News

Search
Search mortgage fraud news by keyword.

Mortgage Fraud News
News, analysis and statistics about mortgage fraud.

Local Mortgage Fraud
Stories about individual mortgage crime cases.

Mortgage Fraud Statistics
Statics by year about real estate fraud.

Mortgage Fraud Index
Quarterly index based on case activity.

Mortgage Advertising
Reach mortgage executives, loan originators and other people tied to mortgage industry.

Consumer Mortgage News
Free mortgage news for prospective borrowers.

Mortgage Newsletter
Free e-mail newsletter with the latest headlines from MortgageDaily.com.

Mortgage Fraud Feedget RSS code
The latest case activity tracked by FraudBlogger.com for your Web site or for your RSS reader.

Mortgage Fraud Archives
Archive of FraudBlogger.com entries going back to 2005.

 

PRESS RELEASE


Tricky Lending Fraud

False Income Stated to Purchase Two Properties


 
Kansas City, Kan. – (March 25, 2009) Victoria Bennett, 35, Leawood, Kan., has pleaded guilty to one count of conspiracy to commit wire fraud and money laundering, and one count of wire fraud, Acting U.S. Attorney Marietta Parker said today.

In her plea, Bennett admitted that from January 2002 through January 2008 she conspired with co-defendant Wildor Washington, Jr., and others to fraudulently obtain mortgage loans. Washington owned or controlled various businesses including Heritage Financial Investments, Legacy Enterprises, Atlantic Mortgage, Inc., The Real Estate Group, J.T.F. Enterprises, Liberty Escrow, AMSTAR Mortgage and Horizon Development. Bennett worked for Washington and processed loans generated by Washington’s businesses.

Washington and other conspirators submitted false and fraudulent property appraisals to various lenders. Documents produced by the conspirators included inflated property values and forged signatures of licensed appraisers. Bennett knew many of the documents submitted to lenders were false, but she aided in their submission anyway.

The conspirators targeted low-income borrowers and borrowers who lacked experience with real estate transactions. They enticed borrowers to apply for real estate loans by promising them loans regardless of their credit rating or financial situation. At the time of closing, the conspirators imposed excessive or unexpected loan origination fees and appraisal fees, as well as higher interest rates.

Bennett admitted, for instance, that in November 2003 she assisted Washington and others in preparing and submitting a loan application on a home in the 4600 block of West 146th Street in Leawood, Kan. The application falsely represented that the applicant earned $21,958 a month. As a result, the conspirators unlawfully obtained $198,266.

Sentencing is scheduled for July 6, 2009. She faces a maximum penalty of 5 years and a fine up to $250,000 on the conspiracy charge, and a maximum penalty of 20 years and a fine up to $250,000 on the wire fraud charge.

Co-defendants include:

– Scott Alexander, who pleaded guilty and is awaiting sentencing.
– Terrence Cole, who pleaded guilty and is awaiting sentencing.
– Wildor Washington, Jr., who is awaiting trial.
– Maurice Ragland, who is awaiting trial.
– Kara E. Robinson-Franks, who is awaiting trial.

Parker, who prosecuted the case, commended the Internal Revenue Service - Criminal Investigations Division, the Johnson County Sheriff’s Department, the Overland Park Police Department and the U.S. Secret Service’s Financial Crimes Task Force for their work on the case.



SOURCE: United States Department of Justice -- District of Kansas

 
Mortgage Fraud Litigation

Q4-2012 | Q3-2012
Q2-2012 | Q1-2012

Q4-2011 | Q3-2011
Q2-2011 | Q1-2011

Q4-2010 | Q3-2010
Q2-2010 | Q1-2010

Q4-2009 | Q3-2009
Q2-2009 | Q1-2009

Q4-2008 | Q3-2008
Q2-2008 | Q1-2008

full-year 2007
Red Flags Rule
News about the Fair and Accurate Credit Transaction Act.
Analysis of Fraud Enforcement and Recovery Act
The Mortgage Graveyard
Reverse Mortgage Blog
Mortgage Compliance Newsletter
Free compliance newsletter from MortgageDaily.com.



Copyright © 2014 MortgageDaily.com
MortgageDaily.com Subscribers Only:

AMC directory

ARM indexes

mortgage company directory

mortgage regulations

net branch directory

pricing engine directory

wholesale lender directory

More Mortgage News Resources (MortgageDaily.com full site map):

advertising news

appraisal news

bank news

biggest lenders

commercial mortgage news

corporate mortgage news

credit news

FHA news

financial regulation news

foreclosure news

free mortgage news

GSE news

jumbo mortgage news

interest rates

loan modification news

loan officer compensation rule

loan originator compensation rule

MBS

mortgage associations

mortgage-backed securities

mortgage books

mortgage brokers

mortgage compliance

mortgage conferences

mortgage directories

mortgage education

mortgage employment

mortgage employment index

mortgage executives

mortgage fraud

mortgage fraud blog

Mortgage Fraud Index

Mortgage Graveyard

mortgage insurance news

mortgage lawsuits

mortgage leads

mortgage lender ranking

mortgage licenses

mortgage litigation

Mortgage Litigation Index

Mortgage Market Index

mortgage mergers

mortgage news

mortgage politics

mortgage press releases

mortgage production

mortgage public relations

mortgage rates

mortgage servicing

mortgage statistics

mortgage technology

mortgage video

mortgage Webinars

net branch

net branch directory

nonprime news

origination news

originator tools

sales blog

reverse mortgage news

secondary marketing

servicing news

subprime news

wholesale lenders

wireless mortgage news